MAPFRE Raises Revenues by 8.9 Percent, to 7,515 Million Euros, with Pre-Tax Profits of 459 Million Euros, Up 4.7 Percent
The MAPFRE Group’s first quarter results reveal a 2.6 percent growth in premiums to 6.114 million Euros and a 4.7 percent growth in pre-tax profits to 459 million. Shareholder’s equity and total assets have increased as well by 14.6 percent and 16.5 percent to 9.338 million Euros and 70.651 million Euros respectively. On the other hand, attributable results decreased by 8% to 201 million Euros. This primarily was caused by greater profit shares allotted for external partners in jointly operated businesses.
Final dividends of 0.08 Euros per share will be paid out on June 18. Total dividends of 431 million Euros account for a 7.7 percent increase as compared to the payout in 2013.
The Life business experienced challenges due to several factors including an unfavorable interest rate environment, changes in sales plans, and lower Savings insurance. Meanwhile, the Group’s Motor business grew 0.1 percent, and the Health business exhibited solid performance resulting in a 7 percent premium increase exceeding 455 million Euros.
The APAC region’s premiums grew by 36.6 percent resulting in 32 million Euros, 15 million Euros of which are premiums coming from MAPFRE Insular in the Philippines. MAPFRE Insular’s growth is mainly driven by the General insurance line.
MAPFRE Insular recently launched VIP Fast Track a trailblazing innovation in the claiming process for MAPFRE Insular Comprehensive Car Insurance policyholders. VIP Fast Track gives current and new MAPFRE Insular policyholders the opportunity to enjoy the fastest and most hassle-free claiming process by requiring only one document* for submission when filing a claim.
MAPFRE Insular is optimistic on its growth for the year as it gears to launch several other innovative services catering to address the needs of the public.
For more information about MAPFRE Insular and its services, visit www.mapfre.com.ph.
*for own damage clear cut claims only
About MAPFRE Insular:
MAPFRE Insular is a non-life insurance company offering general insurance for optimum financial protection and risk management. It provides insurance services on fire and allied lines, motor vehicle, personal accident, casualty, liability, engineering, marine cargo, surety, and micro insurance. Founded in 1934, MAPFRE Insular today ranks among the top five in the non-life insurance industry in terms of earned premiums, investment income, and net income. MAPFRE Insular is a part of the MAPFRE Sociedad Anonima, the largest insurance conglomerate in Spain.
MAPFRE S.A. is a global insurance company present in 49 countries in the five continents. The Spanish market leader is also the top multinational insurance group in Latin America and one of the 10 largest insurance groups in Europe by premium volume. MAPFRE has over 37,000 employees and more than 27 million clients worldwide. In 2014, it reported net earnings of over 845 million euros and produced revenues of 26,367 million euros.
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